CATL’s new vehicle battery that lasts twice as long with only a 10% rise in prices

CATL, the world’s largest vehicle battery manufacturer, acclaimed recently that the company is preparing to produce a new battery that can be used continuously for 16 years with the driving mileage of 1.24 million miles.

According to Bloomberg’s data, the current lifecycle of electric vehicle batteries is about 8 years. Allegedly, the price of new batteries developed by the CATL is only about 10% higher than the batteries used in current electric vehicles, including Tesla’s domestic Model 3.

Bloomberg predicts that the proportion of electric vehicles in China’s total car sales will increase to 8.1% next year, which ranks first in the world.

As early as the first quarter of 2020, the largest supplier of the global electric vehicle power battery market had changed hands, and LG Chem leaped to the top with a market share of 27.1%, ending CATL’s dominance of three consecutive years. CATL ranked third with a market share of 17.4%, while BYD fell from third of last year to sixth.

Source: https://m.sohu.com/a/402565326_146833/?pvid=000115_3w_a